February 7, 2023 – In Q2 2022, MPW committed $34.6m in funding for a new facility in McKinney, Texas, which would be leased to Springstone LLC. MPW did not disclose that the site was also purchased from Springstone, who already lease 18 facilities from MPW.
February 6, 2023 – As Viceroy prepare an extended case study highlighting MPW exposure to international criminal inquiries, we present readers with a fun throwback to 2018, when the SEC questioned MPW’s uncommercial transactions. A link to the correspondence is below: https://www.sec.gov/Archives/edgar/data/1287865/000119312518271134/filename1.htm The background to
February 2, 2023 – Viceroy has sent a letter to MPW’s auditors. We highlight that rudiementary checks on their part would expose severely distressed tenants, a pervasive revenue round-tripping scheme, and uncollectable accrued revenues. A copy of the letter can be found in the link
MPW has paid over 3x the market value for its Neuropsychiatric Hospital facility in Houston. Viceroy’s investigations show that combined costs of the development and appraised value of land was ~$9.1m at the date of MPW’s acquisition. Despite this, MPW claim to have outlaid over
Aggressive healthcare property roll-up caters almost exclusively to distressed tenants. Rent is round-tripped via “fake” purchases of massively inflated assets. The fat lady is singing. January 26, 2023 – Viceroy Research is short Medical Properties Trust (NASDAQ : MPW), a healthcare property REIT who has
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